No 1099 on cashed savings bonds

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coffeehubcap
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No 1099 on cashed savings bonds

Post by coffeehubcap » Sat Mar 03, 2018 9:55 am

I cashed savings bonds last year. Never got a 1099. Went to my credit union they sent the state gov. the info. I still haven't rec'd a 1099. I know what to claim and wonder if I should without a 1099.

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Clever_Username
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Re: No 1099 on cashed savings bonds

Post by Clever_Username » Sat Mar 03, 2018 9:58 am

My only gripe with my bank has been that it's like pulling teeth to get a 1099 INT when I cash in the EE bonds. I report the correct amounts and it's been okay so far (of course, maybe the IRS is just waiting to pounce on me for it). Fortunately for me, none of my EE bonds remaining reach final maturity until 2022 so I don't have to think about it for a while.
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coffeehubcap
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Savings Bonds

Post by coffeehubcap » Mon Mar 05, 2018 10:48 am

[Thread merged into here, see below. --admin LadyGeek]

If you don't get a 1099 for cashing them, would you still report the interest?

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samsoes
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Re: Savings Bonds

Post by samsoes » Mon Mar 05, 2018 10:49 am

Absolutely; it's the law.
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Gill
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Re: Savings Bonds

Post by Gill » Mon Mar 05, 2018 11:02 am

coffeehubcap wrote:
Mon Mar 05, 2018 10:48 am
If you don't get a 1099 for cashing them, would you still report the interest?
Are you serious about this question? The income tax has been around much longer than 1099's and taxpayers have always been required to report all income unless specifically excluded. !099's were imposed to assist in enforcement of the tax law but it didn't change the obligation to report income.
Gill

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HueyLD
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Re: Savings Bonds

Post by HueyLD » Mon Mar 05, 2018 11:09 am

coffeehubcap wrote:
Mon Mar 05, 2018 10:48 am
If you don't get a 1099 for cashing them, would you still report the interest?
Paper or e bonds?

If you cashed paper bonds at a bank, the bank is supposed to send you a 1099-INT, not the Treasury.

If you cashed e bonds at the TD, you will need to log onto your account to retrieve the 1099. You will not receive it in the mail.

And yes, do report the interest with or without 1099.

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Clever_Username
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Re: Savings Bonds

Post by Clever_Username » Mon Mar 05, 2018 11:30 am

coffeehubcap wrote:
Mon Mar 05, 2018 10:48 am
If you don't get a 1099 for cashing them, would you still report the interest?
Yes.

In fact, I have. I'm in my mid-30s now, and family gave me a bunch of Series EE bonds when I was very young (<=4). As they reach final maturity, I have been depositing them ... and reporting the interest, despite my bank being hit or miss on giving a 1099 for them.
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dbr
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Re: Savings Bonds

Post by dbr » Mon Mar 05, 2018 11:44 am

HueyLD wrote:
Mon Mar 05, 2018 11:09 am
coffeehubcap wrote:
Mon Mar 05, 2018 10:48 am
If you don't get a 1099 for cashing them, would you still report the interest?
Paper or e bonds?

If you cashed paper bonds at a bank, the bank is supposed to send you a 1099-INT, not the Treasury.

If you cashed e bonds at the TD, you will need to log onto your account to retrieve the 1099. You will not receive it in the mail.

And yes, do report the interest with or without 1099.
Which also means the IRS will have a 1099 for you and will be looking for the item on your tax return even if you don't have your 1099.

coffeehubcap
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Re: Savings Bonds

Post by coffeehubcap » Mon Mar 05, 2018 2:27 pm

OK guys I get the message.

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LadyGeek
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Re: No 1099 on cashed savings bonds

Post by LadyGeek » Mon Mar 05, 2018 4:22 pm

FYI - I merged coffeehubcap's question back into the original, which is a similar discussion.
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coffeehubcap
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Re: No 1099 on cashed savings bonds

Post by coffeehubcap » Mon Mar 05, 2018 4:37 pm

Thank you LadyGeek....I already made out my taxes and included the interest. My concern was with no 1099, would I be looking at amending my taxes. I know I'm responsible.

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